Human Capital Disclosures

144 Pages Posted: 30 Jun 2022 Last revised: 9 Nov 2023

See all articles by Thomas Bourveau

Thomas Bourveau

Columbia University - Columbia Business School, Accounting, Business Law & Taxation

Maliha Chowdhury

Columbia University

Anthony Le

Columbia University

Ethan Rouen

Harvard Business School

Date Written: September 24, 2022

Abstract

We analyze the dynamic of quantitative human capital disclosures by U.S. public firms using a large sample of hand-collected data from 12,356 10-K filings over the 2018–2023 period. We find that firms are more likely to disclose human capital metrics in their 10-K filings after the SEC's 2020 amendment to Regulation S-K that required firms to provide additional human capital information. However, considerable heterogeneity remains in terms of the firms that disclosed and what they disclosed. We find that quantitative disclosures are not comparable within industries. This selective disclosure equilibrium seems to be driven by various economic factors, information collection frictions, uncertainty about what should be disclosed, and firms’ underlying performance on these metrics. We provide both empirical and qualitative evidence to explain these drivers.

Keywords: Human Capital, Voluntary Disclosure, Mandatory Disclosure; Regulation S-K

Suggested Citation

Bourveau, Thomas and Chowdhury, Maliha and Le, Anthony and Rouen, Ethan, Human Capital Disclosures (September 24, 2022). Available at SSRN: https://ssrn.com/abstract=4138543 or http://dx.doi.org/10.2139/ssrn.4138543

Thomas Bourveau

Columbia University - Columbia Business School, Accounting, Business Law & Taxation ( email )

3022 Broadway
New York, NY 10027
United States

Maliha Chowdhury

Columbia University ( email )

3022 Broadway
New York, NY 10027
United States

Anthony Le

Columbia University ( email )

3022 Broadway
New York, NY 10027
United States

Ethan Rouen (Contact Author)

Harvard Business School ( email )

Soldiers Field
Boston, MA 02163
United States
617-495-6275 (Phone)

HOME PAGE: http://www.ethanrouen.com

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